Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Board gives preliminary OK to $200,000 TIF incentive for indoor sports dome project
Summary
Trustees authorized staff to work with legal on a redevelopment agreement after hearing a staff recommendation to offer roughly $200,000 in TIF assistance to close a funding gap for a proposed $10'$12 million indoor sports dome project at 1005 Commerce Court.
Staff presented a TIF incentive request from Edge/Energy VBC for a dome sports facility and asked the board for authorization to move forward with a redevelopment agreement. Staff said there were approximately $1,800,000 in estimated eligible TIF expenses and that the village was "saying about 10% of that is what we're willing to support in the project, and they're comfortable with that as filling their gap," recommending $200,000 in TIF assistance.
Staff described the overall development as a substantial investment — "about a 10 to $12,000,000 build" — and said the draft redevelopment agreement would include clawbacks and detailed terms to be presented at a future meeting. Trustees voted to authorize staff and legal to proceed with drafting the agreement and to return with a redevelopment agreement for final approval.
